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Sahara India Commercial Corporation Ltd. (SICCL) said the recent ruling by the Securities and Exchange Board of India (SEBI) to reimburse 14,000 crore Swiss francs to investors would amount to a "double payment", the latter having already been paid to their investors. contributions except for ₹ 17 crore. The issue would be raised in the appropriate forum.
SEBI asked SICCL to repay funds raised through fully convertible debentures (OFCDs).
The SICCL had already fulfilled all of its OFDC commitments, with the exception of the MOC's commitment of 17 million crores of debt to 54,804 members. The TDS deducted on the interest paid had been deposited with the Department of Income Tax. Therefore, the order makes it a case of "double payment" for the liability that the SICCL had already paid, said the Sahrawi Group in a statement. "In making its decision, the SEBI has once again forgotten the facts and the difficult situations that prevailed when the SICCL published OFCDs in 1998."
In 1998, the SICCL had obtained the written authorization of the Registrar of Companies, Ministry of Corporate. Affairs, for the first time, for the OFCD issue. "On our side, everything has been done in accordance with the law and with all the necessary authorizations of the governmental authorities," the group said.
"We will address the issue to the appropriate platform," added the Sahara group.
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